Australian government seeks to clamp down on class actions

Josh Frydenberg, treasurer of Australia

The Australian government is tightening regulatory scrutiny of litigation funders, as part of an effort to clamp down on the industry following a surge in expensive class-action lawsuits, according to Reuters. Australian government treasurer Josh Frydenberg said on Friday that litigation funders will now be required to hold an Australian financial services provider licence within three months. This will increase…

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